Sun International Limited · JSE:SUI
Sun International — FY2024 Earnings Presentation
41 slides from Sun International's earnings presentation, March 2025
Slide 1: Annual results presentation for the year ended 31 December 2024
Annual results presentation for the year ended 31 December 2024 SUN INTERNATIONAL Annual results presentation 2024 | 1
Slide 2: Agenda
Agenda 1 2 3 4 5 6 7 8 SUN INTERNATIONAL Annual results presentation 2024 | 2
Slide 3: Key highlights
1 Key highlights SUN INTERNATIONAL Annual results presentation 2024 | 3
Slide 4: Key highlights
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Key highlights Consistent delivery against strategic and financial targets CONTINUING CONTINUING RECORD GROUP RECORD RECORD SUNBET GROUP INCOME ADJUSTED EBITDA SUN
Slide 5: Urban casinos
2 Urban casinos SUN INTERNATIONAL Annual results presentation 2024 | 5
Slide 6: Overview of performance
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Overview of performance Market share growth in key provinces • Casino income in line with prior year at R6.1bn • Enhancing customer experience • Market share growth
Slide 7: Key property updates
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Key property updates Providing an enriched customer experience and relevant behaviour-based rewards GrandWest Hotel extension Royal Sibaya Hotel Carnival City solar
Slide 8: Focus areas
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Focus areas Leveraging the resilience of urban casinos to maintain our strong cash generation • Continue to drive our omnichannel customer offering across Sunbet an
Slide 9: Sunbet
3 Sunbet SUN INTERNATIONAL Annual results presentation 2024 | 9
Slide 10: Highlights
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Highlights Continued exceptional outperformance • Income up 60.6% to R1.2bn driven by Gross gaming revenue − Strong growth in all key verticals − Introduction of Cr
Slide 11: Performance update
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Performance update Actively growing customer base and market share in a fast-growing market Average daily unique customers • Unique active players up 35.0% to 544k
Slide 12: Retention drives long-term value
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Retention drives long-term value Strong customer retention drives sustainability of income Customer retention R million 500 400 300 200 100 0 2021 Q1 2021 Q2 2021 Q
Slide 13: Focus areas
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Focus areas On track to achieve long-term targets • Mpumalanga and North-West licences activated – allowing for rollout of new game providers • Move retail licences
Slide 14: Sun Slots
4 Sun Slots SUN INTERNATIONAL Annual results presentation 2024 | 14
Slide 15: Overview of performance
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Overview of performance Sun Slots remains well-positioned to generate attractive returns • Improved margin despite income decline Gross gaming revenue (GGR) R milli
Slide 16: Focus areas
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Focus areas Strategic repositioning to drive growth • Continue to roll out further LPMs with focus on maximising returns on invested capital • Roll out and acquire
Slide 17: Resorts and Hotels
5 Resorts and Hotels SUN INTERNATIONAL Annual results presentation 2024 | 17
Slide 18: Overview of performance
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Overview of performance Positive momentum continues at all properties • Strong performance supported by • Impressive underlying property growth resilient domestic l
Slide 19: Focus areas
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Focus areas Consistent quality standards, improved customer experience and cost efficiencies • Drive initiatives to grow international leisure market, especially in
Slide 20: Financial review
6 Financial review SUN INTERNATIONAL Annual results presentation 2024 | 20
Slide 21: Financial highlights
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Financial highlights Consistent delivery against strategic and financial targets CONTINUING TOTAL CONTINUING GROUP ADJUSTED AHEPS DIVIDEND GROUP INCOME EBITDA DECLA
Slide 22: Segmental highlights
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Income Segmental R million 5.1% highlights 0.2% 7.6% 11 970 12 575 6 731 6 715 3.1% 60.6% Income growth of 5.1% 38.1% 3 020 3 251 and adjusted EBITDA up
Slide 23: Financial review | group debt
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Financial review | group debt Maintaining a focused debt level of less than 2.0x times debt to adjusted EBITDA since June 2022, has allowed for substantial distribu
Slide 24: Financial review | capital expenditure
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Financial review | capital expenditure Targeted capital expenditure in our strategic priorities is essential to sustaining growth and maximising shareholder returns
Slide 25: Financial review | cash flow
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Financial review | cash flow Strong cash generation R million 3 619 (72) (508) (823) 2 216 (143) 2 073 (553) (141) (180) (912) 350 (155) (481) 283 284 Generated Wor
Slide 26: Strategic focus and outlook
7 Strategic focus and outlook SUN INTERNATIONAL Annual results presentation 2024 | 26
Slide 27: Capital Allocation Framework
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Capital Allocation Framework Acquisitions Consistent Share Other Maintain dividend buy-back expansionary and grow pay-out projects existing assets • Minority buyout
Slide 28: Capital allocation | non-core assets
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Capital allocation | non-core assets Gross R million amount Deductions* Net amount eSwatini 110 (33) 77 Carousel land 100 (25) 75 GrandWest land 140 (68) 72 Time Sq
Slide 29: Investment case
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Investment case Compelling investment opportunity with significant potential for scale, growth and returns Sustainable Profitability Scaling Strong cash Shareholder
Slide 30: Outlook
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Outlook We continue to prioritise increasing free cash flows and disciplined capital allocation to maximise stakeholder value within a set of fundamental capital al
Slide 31: Thank you
Thank you www.suninternational.com SUN INTERNATIONAL Annual results presentation 2024 | 31
Slide 32: Supplementary information
8 Supplementary information SUN INTERNATIONAL Annual results presentation 2024 | 32
Slide 33: Update on key matters
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Update on key matters Dreams S.A. Relocation in the Tobacco Products ESG contingent Western Cape and Electronic consideration Delivery Systems Control Bill • First
Slide 34: Financial overview
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Financial overview R million 2024 % 2023* Continuing operations Income 12 575 5 11 970 Adjusted EBITDA 3 507 3 3 406 Adjusted EBITDA margin 27.9% - 28.5% Depreciati
Slide 35: Segmental review
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Segmental review Income Adjusted EBITDA^ Depreciation and amortisation Adjusted operating profit/(loss) R million 2024 % 2023* 2024 % 2023* 2024 % 2023* 2024 % 2023
Slide 36: Segmental review
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Segmental review Income Adjusted EBITDA Depreciation and amortisation Adjusted operating profit/(loss) R million 2024 % 2023* 2024 % 2023* 2024 % 2023* 2024 % 2023*
Slide 37: Earnings reconciliation
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Earnings reconciliation Restated* R million 2024 2023 Basic earnings 1 858 1 205 Net loss on disposal of property, 2 31 plant and equipment and intangible assets Dr
Slide 38: Group effective tax rate
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Group effective tax rate Continuing Discontinued Note 1: Other non-deductible expenses R million operations operations Group (R million) Amount Profit before tax 2
Slide 39: Capital expenditure
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Major refurbishment R million Expansionary and ongoing 2024 2023 Urban casinos 100 418 518 583 Capital GrandWest - Hotel GrandWest - Electrical - - - 104 - 104 114
Slide 40: Group structure
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Group structure Economic interest %* Slots Tables Rooms Gauteng Carnival City 91.2 1 100 37 105 The Maslow Sandton 100.0 - - 281 Time Square 96.5 1 550 54 238 Weste
Slide 41: Analysis of minority interest in profit after tax
Key highlights Urban casinos Sunbet Sun Slots Resorts and Hotels Financial review Strategic focus and outlook Supplementary information Analysis of minority interest in profit after tax Profit after tax % SIL shareholding Minority portion in profit after tax** R million 2024 2023^ 2024 2023 2024 202